Coinbase sues SEC, FDIC over claims of non-compliance with FOIA
- Coinbase filed a lawsuit against the US SEC and FDIC in a district court in Washington.
- Coinbase alleged that the agencies failed to comply with FOIA.
- Coinbase's suit follows Consensys' earlier lawsuit against the SEC over its position on Ethereum 2.0 and MetaMask wallet.
Coinbase filed a lawsuit on Thursday in the Washington, DC District Court against the US Securities and Exchange Commission (SEC) and Federal Deposit Insurance Corporation (FDIC), claiming that both regulators have refused to release information concerning crypto regulations.
Coinbase demands US regulators' accountability, files lawsuits
Crypto exchange Coinbase went on the offensive on Thursday following its lawsuits against the US SEC and FDIC.
The lawsuits, filed in a district court in Washington DC, alleged that both regulators have refused to provide key information requested by the exchange.
Coinbase said it requested information, in line with the Freedom Of Information Act (FOIA), concerning some actions the SEC and FDIC took.
FOIA is an act that gives an individual or organization the right to access government information freely. Coinbase’s lawsuits alleged that the exchange sent requests to both regulators and has yet to receive replies for over a year.
"Today we filed lawsuits under the Freedom of Information Act for requests we made over a year ago seeking important information to which we, and the public, are entitled," said Coinbase Chief Legal Officer Paul Grewal.
The exchange requested the SEC provide clear information regarding several investigations it had made beginning in 2018. These investigations include Ethereum 2.0, which the SEC dropped earlier in the month.
Consensys had earlier filed a lawsuit against the SEC, claiming the agency attempted an "unlawful power grab over Ethereum" and stating its MetaMask isn't a securities or broker platform.
Coinbase also requested the FDIC reveal the letters it sent to banks and financial institutions to pause crypto-related transactions indefinitely.
Claiming that both regulators refused to answer to the FOIA, Coinbase moved to file lawsuits, alleging that "financial regulators have used multiple tools at their disposal to try to cripple the digital-asset industry."
Crypto community members have speculated that the lawsuit may help in providing clarity regarding digital assets regulations.
Author
Michael Ebiekutan
FXStreet
With a deep passion for web3 technology, he's collaborated with industry-leading brands like Mara, ITAK, and FXStreet in delivering groundbreaking reports on web3's transformative potential across diverse sectors. In addi
